Nasdaq-Listed Next Technology Plans 5,833 BTC Sale, Citing Binance Hack and Quantum Fears
Highlights
- Next Technology's Board has authorized plans to sell 5,833 BTC.
- The company cited concerns such as the Binance hack and advance in quantum technology.
- The sale is expected to be carried out in tranches.
Nasdaq-listed company Next Technology has announced plans to potentially sell its Bitcoin holdings following a Board authorization. The company cited the Binance Hack and Quantum concerns as reasons it is looking to cut its BTC exposure.
Next Technology Plans To Offload Its Bitcoin Holdings
In a press release, the company announced that the Board has unanimously approved the sale or pledging of its BTC holdings in one or more tranches. It noted that it currently holds about 5,833 BTC, making it the 18th-largest Bitcoin treasury firm, just behind Galaxy Digital and ahead of crypto exchange Gemini.
The Board determined that a timely adjustment of the company’s digital asset position is in the best interests of the company and its stockholders, with the aim of reducing risk exposure and enhancing liquidity,” the release read.
Next Technology also said the Board approved the move after reviewing the Binance hack, other hacks, and exchange security vulnerabilities. As CoinGape reported, Binance revealed the $6.3 billion hack, which occurred on October 29, and assured of plans to cover the losses.
However, in addition to the Binance hack, the Next Technology Board also considered technological threats such as quantum computing. The company noted that all these have increased the custody and market risks associated with its Bitcoin holdings. It also assured that it doesn’t hold any of its BTC holdings through the top crypto exchange.
How The Company Plans To Offload The BTC Holdings
The Nasdaq-listed company said it could sell or pledge its Bitcoin holdings through three methods. The first would be through direct sales on crypto exchanges. The second method would be an over-the-counter sale with specific purchasers.
Lastly, the company could pledge its BTC holdings for financing purposes, serving as an alternative or supplement to liquidity management. CEO Weihong Liu will be responsible for dtermining when and how these slaes occur.
The Board also authorized the CEO to ” negotiate and execute agreements, documents and instructions with potential purchasers or counterparties in connection with block trades or pledging financings; and to take all actions necessary or advisable to consummate such transactions.
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